Smithfield Foods (NASDAQ:SFD) Stock Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Smithfield Foods shares rose above their 50-day moving average of $19.16, reaching $19.49 before last trading at $19.19 on volume of about 1.9 million shares.
• Analyst views were mixed: three rated the stock Buy, one Hold and three Sell, producing a consensus Hold rating and an average price target of $24.67.
• Quarterly EPS of $0.26 slightly beat estimates, but revenue fell 8.3% year over year to $3.44 billion. The company also declared a quarterly dividend of $0.3125 per share, equivalent to a 6.5% yield.

Smithfield Foods, Inc. (NASDAQ:SFD - Get Free Report) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $19.16 and traded as high as $19.49. Smithfield Foods shares last traded at $19.19, with a volume of 1,905,433 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on SFD. Barclays lowered their price target on shares of Smithfield Foods from $29.00 to $23.00 and set an "overweight" rating for the company in a report on Wednesday, October 28th. Stephens reaffirmed a "reduce" rating on shares of Smithfield Foods in a research note on Wednesday, October 28th. Deutsche Bank set a $21.00 target price on shares of Smithfield Foods in a report on Friday, October 9th. The Goldman Sachs Group reissued a "buy" rating and issued a $32.00 target price on shares of Smithfield Foods in a research note on Wednesday, August 12th. Finally, Bank of America downgraded Smithfield Foods from a "buy" rating to a "neutral" rating and set a $21.00 price target on the stock. in a report on Friday, October 9th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Smithfield Foods has an average rating of "Hold" and a consensus target price of $24.67.

Smithfield Foods Price Performance

The business has a 50 day moving average of $19.16 and a 200 day moving average of $23.79. The company has a market cap of $7.56 billion, a PE ratio of 8.42 and a beta of -0.39. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.39 and a quick ratio of 1.20.

Smithfield Foods (NASDAQ:SFD - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.01. Smithfield Foods had a net margin of 5.94% and a return on equity of 13.41%. The business had revenue of $3.44 billion for the quarter. During the same period in the previous year, the firm posted $0.58 earnings per share. The firm's revenue for the quarter was down 8.3% compared to the same quarter last year. As a group, research analysts predict that Smithfield Foods, Inc. will post 1.77 EPS for the current year.

Smithfield Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Thursday, November 12th will be given a dividend of $0.3125 per share. The ex-dividend date is Thursday, November 12th. This represents a $1.25 annualized dividend and a dividend yield of 6.5%. Smithfield Foods's payout ratio is currently 54.82%.

Institutional Trading of Smithfield Foods

Several institutional investors and hedge funds have recently bought and sold shares of SFD. Altshuler Shaham Ltd boosted its holdings in Smithfield Foods by 36.8% in the first quarter. Altshuler Shaham Ltd now owns 1,524 shares of the company's stock worth $43,000 after acquiring an additional 410 shares in the last quarter. Covestor Ltd grew its stake in shares of Smithfield Foods by 17.1% in the third quarter. Covestor Ltd now owns 6,463 shares of the company's stock worth $121,000 after acquiring an additional 944 shares during the last quarter. Group One Trading LLC bought a new position in shares of Smithfield Foods during the first quarter valued at $31,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Smithfield Foods during the second quarter valued at $29,000. Finally, Ancora Advisors LLC bought a new position in shares of Smithfield Foods during the second quarter valued at $43,000.

About Smithfield Foods

Smithfield Foods is a U.S.-based food company focused on pork production and packaged meats. Its operations span hog farming, meat processing and the manufacture and marketing of fresh pork and prepared foods. The company sells products under brands including Smithfield, Eckrich, Farmland, Armour and Cook's. Its offerings include fresh pork, bacon, ham, sausage, hot dogs and other packaged meat products for retail, food-service and wholesale customers. Founded in 1936 in Smithfield, Virginia, the company has grown from a regional meat processor into a major pork producer.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.